1.0.0.3 false Basis of Presentation and Summary of Significant Accounting Policies false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Basis of Presentation and Summary of Significant Accounting Policies [Abstract] 0 wat_BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesAbstract wat false na duration string Basis of Presentation and Summary of Significant Accounting Policies false false false false false true false false false 1 false false 0 0 false false Basis of Presentation and Summary of Significant Accounting Policies false 3 Basis of Presentation and Summary of Significant Accounting Policies 1 wat_BasisOfPresentationAndSummaryOfSignificantAccountingPolicies wat false na duration string Basis of Presentation and Summary of Significant Accounting Policies false false false false false false false false false 1 false false 0 0 <div><div><div class="Section1" style="page: Section1;"> <a name="_AUC367e715548844581b7e43956ae975de3">2  Basis of Presentation and Summary of Significant Accounting Policies</a>   Use of Estimates   The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, product returns and allowances, bad debts, inventory valuation, equity investments, goodwill and intangible assets, warranty and installation provisions, income taxes, contingencies, litigation, retirement plan obligations and stock-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions.   Risks and Uncertainties   The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, development by its competitors of new technological innovations, risk of disruption, fluctuations in foreign currency exchange rates, dependence on key personnel, protection and litigation of proprietary technology, compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies and changes in the fair value of the underlying assets of the Company’s defined benefit plans.   Reclassifications   Certain amounts from prior years have been reclassified in the accompanying financial statements in order to be consistent with the current year’s classifications.   Principles of Consolidation   The consolidated financial statements include the accounts of the Company and its subsidiaries, most of which are wholly owned. The Company consolidates entities in which it owns or controls fifty percent or more of the voting shares. All material inter-company balances and transactions have been eliminated. </div> Translation of Foreign Currencies   For most of the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are included in accumulated other comprehensive income in the consolidated balance sheets. The Company’s net sales derived from operations outside the United States were 69% in 2009, 70% in 2008 and 68% in 2007. Gains and losses from foreign currency transactions are included in net income in the consolidated statements of operations and were not material for the years presented.   Cash and Cash Equivalents   Cash equivalents primarily represent highly liquid investments, with original maturities of generally 90 days or less, in bank deposits; U.S., German, French and Dutch Government Treasury Bills; AAA rated U.S. Treasury Bills and European government bond money market funds, which are convertible to a known amount of cash and carry an insignificant risk of change in market value. Similar investments with longer maturities are classified as short-term investments. The Company maintains balances in various operating accounts in excess of federally insured limits, and in foreign subsidiary accounts in currencies other than U.S. dollars.   Short-Term Investments   Short-term investments are classified as available-for-sale in accordance with the accounting standard for investments in debt and equity securities. All available-for-sale securities are recorded at fair market value and any unrealized holding gains and losses, to the extent deemed temporary, are included in accumulated other comprehensive income in stockholders’ equity, net of the related tax effects. Realized gains and losses are determined on the specific identification method and are included in other income (expense) net. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary” and marks the investment to market through a charge to the statement of operations. The Company classifies its investments as short-term investments exclusive of those categorized as cash equivalents. At December 31, 2009, the Company had short-term investments with a cost of $289 million, which approximated market value. The Company had no short-term investments as of December 31, 2008.   Concentration of Credit Risk   The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 51% in 2009, 50% in 2008 and 52% in 2007. None of the Company’s individual customers accounted for more than 3% of annual Company sales in 2009, 2008 or 2007. The Company performs continuing credit evaluations of its customers and generally does not require collateral, but in certain circumstances may require letters of credit or deposits. Historically, the Company has not experienced significant bad debt losses.   Seasonality of Business   The Company experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year end.   Accounts Receivable and Allowance for Doubtful Accounts   Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is based on a number of factors, including historical experience and the customer’s credit-worthiness. The allowance for doubtful accounts is reviewed on at least a quarterly basis. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged against the allowance when the Company feels it is probable that the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers.   The following is a summary of the activity of the Company’s allowance for doubtful accounts and sales returns for the years ended December 31, 2009, 2008 and 2007 (in thousands):   <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="font-size: 10.0pt; font-family: 'Times New Roman'; border-collapse: separate;"> <tr> <td width="374" valign="top" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">     </td> <td width="144" valign="bottom" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">           Balance at Beginning of Period </td> <td width="81" valign="bottom" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">   Additions </td> <td width="90" valign="bottom" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">   Deductions </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">     Balance at <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">End of Period </td> </tr> <tr> <td width="374" valign="top" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Allowance for Doubtful Accounts and </td> <td width="144" valign="top" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="81" valign="top" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="90" valign="top" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="top" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="374" valign="bottom" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 7.3pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Sales Returns: </td> <td width="144" valign="bottom" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="81" valign="bottom" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="90" valign="bottom" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="374" valign="bottom" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2009.......................................................................... </td> <td width="144" valign="bottom" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">        $  7,608 </td> <td width="81" valign="bottom" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  $ 6,956 </td> <td width="90" valign="bottom" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$  (7,841) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">    $  6,723 </td> </tr> <tr> <td width="374" valign="bottom" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2008.......................................................................... </td> <td width="144" valign="bottom" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">        $  9,634 </td> <td width="81" valign="bottom" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  $ 5,470 </td> <td width="90" valign="bottom" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$  (7,496) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">    $  7,608 </td> </tr> <tr> <td width="374" valign="bottom" style="width: 224.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2007.......................................................................... </td> <td width="144" valign="bottom" style="width: 1.2in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">        $  8,439 </td> <td width="81" valign="bottom" style="width: 48.6pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  $ 6,617 </td> <td width="90" valign="bottom" style="width: .75in; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$  (5,422) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">    $  9,634 </td> </tr> </table>   Inventory   The Company values all of its inventories at the lower of cost or market on a first-in, first-out basis (“FIFO”).   Income Taxes   Deferred income taxes are recognized for temporary differences between the financial statement and income tax basis of assets and liabilities using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset any net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. A liability has also been recorded to recognize uncertain tax return reporting positions.    Property, Plant and Equipment   Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense, while the costs of significant improvements are capitalized. Depreciation is provided using the straight-line method over the following estimated useful lives: buildings — fifteen to thirty years; building improvements — five to ten years; leasehold improvements — the shorter of the economic useful life or life of lease; and production and other equipment — three to ten years. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and related gains or losses are reflected in the consolidated statements of operations. There were no material gains or losses from retirement or sale of assets in 2009, 2008 and 2007.   Goodwill and Other Intangible Assets   The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Additionally, the Company has elected to make January 1 the annual impairment assessment date for its reporting units. The goodwill and other intangible assets accounting standard defines a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. Goodwill is allocated to the reporting units at the time of acquisition. Under the impairment test, if a reporting unit’s carrying amount exceeds its estimated fair value, goodwill impairment is recognized to the extent that the carrying amount of goodwill exceeds the implied fair value of the goodwill. The fair value of reporting units was estimated using a discounted cash flows technique, which includes certain management assumptions, such as estimated future cash flows, estimated growth rates and discount rates.   The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; debt issuance costs and acquired in-process research and development (“IPR&D”). Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one to fifteen years. Other intangibles are amortized over a period ranging from one to thirteen years. Debt issuance costs are amortized over the life of the related debt. Acquired IPR&D is amortized from the date of completion over its estimated useful life. In addition, acquired IPR&D will be tested for impairment until completion of the acquired programs. Software Development Costs   The Company capitalizes software development costs for products offered for sale in accordance with the accounting standard for the costs of software to be sold, leased, or otherwise marketed. Capitalized costs are amortized to cost of sales over the period of economic benefit, which approximates a straight-line basis over the estimated useful lives of the related software products, generally three to five years.   The Company capitalizes internal software development costs in accordance with the accounting standard for goodwill and other intangible assets. Capitalized internal software development costs are amortized over the period of economic benefit which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $2 million at December 31, 2009 and 2008.   Investments   The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have significant influence, using the accounting standard for investments in debt and equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for under the cost method of accounting. The Company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting and carries them at the lower of cost or estimated net realizable value. For investments in which the Company owns or controls between twenty and forty-nine percent of the voting shares, or over which it exerts significant influence over operating and financial policies, the equity method of accounting is used. The Company’s share of net income or losses of equity investments is included in the consolidated statements of operations and was not material in any period presented. All investments at December 31, 2009 and 2008 are included in other assets and amounted to $4 million and $7 million, respectively.   Asset Impairments   The Company reviews its long-lived assets for impairment in accordance with the accounting standard for property, plant and equipment. Whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable, the Company evaluates the fair value of the asset, relying on a number of factors, including, but not limited to, operating results, business plans, economic projections and anticipated future cash flows. Any change in the carrying amount of an asset as a result of the Company’s evaluation is separately identified in the consolidated statements of operations.   Fair Values of Financial Instruments   In accordance with the accounting standards for fair value measurements and disclosures, the Company’s assets and liabilities are measured at fair value on a recurring basis as of December 31, 2009 and 2008. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions.   The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2009 (in thousands):   <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="font-size: 10.0pt; font-family: 'Times New Roman'; border-collapse: separate;"> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">   </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">       Total at       <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">December 31, <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         2009          </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Quoted Prices <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     in Active <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">   Market for <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Identical <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">        Assets <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     (Level 1)      </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Significant <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Other <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Observable <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Inputs <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">       (Level 2)     </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Significant <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  Unobservable <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Inputs <p class="MsoHeading7" style="margin: 0in; margin-bottom: 1.0pt; text-indent: 0in; line-height: 94%; text-autospace: none; font-size: 8.0pt; font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; text-underline: single; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; white-space: nowrap;">        (Level 3)     </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 5.05pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Assets: </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Cash equivalents........................................................... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     181,925 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     181,925 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Short-term investments................................................ </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">       289,146 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">       289,146 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Waters Retirement Restoration Plan assets............... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         17,955 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         17,955 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Foreign currency exchange contract agreements..... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">               237 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">               237 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: .25in; line-height: 94%; text-autospace: none; white-space: nowrap;">Total............................................................................. </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     489,263 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     489,263 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Liabilities: </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Foreign currency exchange contract agreements..... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$             400 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$            400 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: .25in; line-height: 94%; text-autospace: none; white-space: nowrap;">Total............................................................................. </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$             400 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$            400 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> </table>   The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2008 (in thousands):   <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="font-size: 10.0pt; font-family: 'Times New Roman'; border-collapse: separate;"> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">   </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" align="center" style="margin: 0in; margin-bottom: .0001pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-right: 6.65pt; text-align: center; line-height: 93%; text-autospace: none; white-space: nowrap;">Total at <p class="MsoNormal" align="center" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; text-align: center; line-height: 94%; text-autospace: none; white-space: nowrap;">December 31, <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         2008          </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Quoted Prices <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     in Active <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">   Market for <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Identical <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">        Assets <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     (Level 1)      </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Significant <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Other <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Observable <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Inputs <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">       (Level 2)     </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Significant <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  Unobservable <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Inputs <p class="MsoHeading7" style="margin: 0in; margin-bottom: 1.0pt; text-indent: 0in; line-height: 94%; text-autospace: none; font-size: 8.0pt; font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; text-underline: single; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; white-space: nowrap;">        (Level 3)     </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 5.05pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Assets: </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Cash equivalents........................................................... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     223,000 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     223,000 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Waters Retirement Restoration Plan assets............... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         12,888 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">         12,888 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: .25in; line-height: 94%; text-autospace: none; white-space: nowrap;">Total............................................................................. </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     235,888 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$     235,888 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Liabilities: </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Interest rate swap agreements..................................... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$         1,798 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$         1,798 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 9.0pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Foreign currency exchange contract agreements..... </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">            1,595 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">           1,595 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">                 — </td> </tr> <tr> <td width="394" valign="bottom" style="width: 236.35pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: .25in; line-height: 94%; text-autospace: none; white-space: nowrap;">Total............................................................................. </td> <td width="105" valign="bottom" style="width: 63.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$         3,393 </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> <td width="94" valign="bottom" style="width: 56.5pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$         3,393 </td> <td width="97" valign="bottom" style="width: 58.0pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$               — </td> </tr> </table>   The Company’s financial assets and liabilities have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. The fair values of the Company’s cash equivalents, short-term investments, retirement restoration plan assets, foreign currency exchange contracts and interest rate swap agreements are determined through market and observable sources and have been classified as Level 2. After completing these validation procedures, the Company did not adjust or override any fair value measurements provided by third-party pricing services as of December 31, 2009 and 2008.   In January 2009, the Company implemented the accounting and disclosure requirements related to non-financial assets and liabilities that are remeasured at fair value on a non-recurring basis. The adoption of this accounting and disclosure requirement did not have a significant impact on the Company’s financial statements.   Stockholders’ Equity   In February 2009, the Company’s Board of Directors authorized the Company to repurchase up to $500 million of its outstanding common stock over a two-year period. During 2009, the Company repurchased 3.1 million shares at a cost of $157 million under this program, leaving $343 million authorized for future purchases.   In February 2007, the Company’s Board of Directors authorized the Company to repurchase up to $500 million of its outstanding common stock over a two-year period. During 2009, 2008 and 2007, the Company repurchased a total of 8.2 million shares at a cost of $454 million under this program, which expired in February 2009.   The Company repurchased 4.5 million, 4.1 million and 3.4 million shares at a cost of $210 million, $235 million and $201 million during 2009, 2008 and 2007, respectively, under the February 2009 authorization and previously announced programs. The Company believes it has the resources to fund the common stock repurchases as well as to pursue acquisition opportunities in the future.   On August 9, 2002, the Board of Directors approved the adoption of a stock purchase rights plan where a dividend of one fractional preferred share purchase right (a “Right”) was declared for each outstanding share of common stock, par value $0.01 per share, of the Company. The dividend was paid on August 27, 2002 to the stockholders of record on that date. The Rights, which expire on August 27, 2012, become exercisable only under certain conditions. When they first become exercisable, each Right will entitle its holder to buy from Waters one one-hundredth of a share of new Series A Junior Participating Preferred Stock (authorized limit of 4,000) for $120.00. When a person or group actually has acquired 15% or more of Waters’ common stock, the Rights will then become exercisable for a number of shares of Waters’ common stock with a market value of twice the $120.00 exercise price of each Right. In addition, the Rights will then become exercisable for a number of shares of common stock of the acquiring company with a market value of twice the $120.00 exercise price per Right. The Board of Directors may redeem the Rights at a price of $0.001 per Right up until 10 days following a public announcement that any person or group has acquired 15% or more of the Company’s common stock.   Hedge Transactions   The Company operates on a global basis and is exposed to the risk that its earnings, cash flows and stockholders’ equity could be adversely impacted by fluctuations in currency exchange rates and interest rates.   The Company records its hedge transactions in accordance with the accounting standard for derivative instruments and hedging activities, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. All derivatives, whether designated in hedging relationships or not, are required to be recorded on the consolidated balance sheets at fair value as either assets or liabilities. If the derivative is designated as a fair-value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in earnings when the hedged item affects earnings; ineffective portions of changes in fair value are recognized in earnings. In addition, disclosures required for derivative instruments and hedging activities include the Company’s objectives for using derivative instruments, the level of derivative activity the Company engages in, as well as how derivative instruments and related hedged items affect the Company’s financial position and performance.   The Company currently uses derivative instruments to manage exposures to foreign currency and interest rate risks. The Company’s objectives for holding derivatives are to minimize foreign currency and interest rate risk using the most effective methods to eliminate or reduce the impact of foreign currency and interest rate exposures. The Company documents all relationships between hedging instruments and hedged items and links all derivatives designated as fair-value, cash flow or net investment hedges to specific assets and liabilities on the consolidated balance sheets or to specific forecasted transactions. In addition, the Company considers the impact of its counterparties’ credit risk on the fair value of the contracts as well as the ability of each party to execute under the contracts. The Company also assesses and documents, both at the hedges’ inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows associated with the hedged items.   Cash Flow Hedges   The Company uses interest rate swap agreements to hedge the risk to earnings associated with fluctuations in interest rates related to outstanding U.S. dollar floating rate debt. In August 2007, the Company entered into two floating-to-fixed-rate interest rate swaps, each with a notional amount of $50 million and maturity dates of April 2009 and October 2009, to hedge floating rate debt related to the term loan facility of its outstanding debt. At December 31, 2009, the Company had no outstanding interest rate swap agreements. At both December 31, 2008 and 2007, the Company had a $2 million liability in other current liabilities in the consolidated balances sheets related to the interest rate swap agreements. For the year ended December 31, 2009, the Company recorded a change of $2 million in accumulated other comprehensive income on these interest rate swap agreements. For the years ended December 31, 2008 and 2007, the Company recorded a cumulative net pre-tax unrealized loss of $1 million and $2 million in accumulated other comprehensive income, respectively, on these interest rate swap agreements. For the years ended December 31, 2009, 2008 and 2007, the Company recorded additional interest expense of $2 million, $1 million and less than $1 million,respectively.   Hedges of Net Investments in Foreign Operations   The Company has operations in various countries and currencies throughout the world, with approximately 33% of its sales denominated in Euros, 11% in Japanese Yen and smaller sales exposures in other currencies in 2009. As a result, the Company’s financial position, results of operations and cash flows can be affected by fluctuations in foreign currency exchange rates. The Company uses cross-currency interest rate swaps, forward contracts and range forward contracts to hedge its stockholders’ equity balance from the effects of fluctuations in currency exchange rates. These agreements are designated as foreign currency hedges of a net investment in foreign operations. Any increase or decrease in the fair value of cross-currency interest rate swap agreements, forward contracts or range forward contracts is offset by the change in the value of the hedged net assets of the Company’s consolidated foreign affiliates. Therefore, these derivative instruments are intended to serve as an effective hedge of certain foreign net assets of the Company.   During 2007, the Company hedged its net investment in Euro foreign affiliates with cross-currency interest rate swaps, with notional values ranging from $20 million to $50 million. At December 31, 2009, 2008 and 2007, the Company had no outstanding cross-currency interest rate swap contracts. For the year ended December 31, 2007, the Company recorded cumulative net pre-tax losses of $10 million in accumulated other comprehensive income, which consists of realized losses of $10 million.   Other   The Company enters into forward foreign exchange contracts, principally to hedge the impact of currency fluctuations on certain inter-company balances and short-term assets and liabilities. Principal hedged currencies include the Euro, Japanese Yen, British Pound and Singapore Dollar. The periods of these forward contracts typically range from one to three months and have varying notional amounts which are intended to be consistent with changes in the underlying exposures. Gains and losses on these forward contracts are recorded in selling and administrative expenses in the consolidated statements of operations. At December 31, 2009, 2008 and 2007, the Company held forward foreign exchange contracts with notional amounts totaling approximately $138 million, $120 million and $101 million, respectively. At December 31, 2009 and 2008, the Company had liabilities of less than $1 million and $2 million, respectively, in other current liabilities in the consolidated balance sheets related to the foreign currency exchange contracts. At December 31, 2007, the Company had assets of less than $1 million in other current assets in the consolidated balance sheets related to the foreign currency exchange contracts. For the year ended December 31, 2009, the Company recorded cumulative net pre-tax gains of $7 million, which consists of realized gains of $5 million relating to the closed forward contracts and $2 million of unrealized gains relating to the open forward contracts. For the year ended December 31, 2008, the Company recorded cumulative net pre-tax losses of $23 million, which consists of realized losses of $22 million relating to the closed forward contracts and $1 million of unrealized losses relating to the open forward contracts. For the year ended December 31, 2007, the Company recorded cumulative net pre-tax gains of $2 million, which consists of realized gains of $3 million relating to the closed forward contracts and $1 million of unrealized losses relating to the open forward contracts.   Revenue Recognition   Sales of products and services are generally recorded based on product shipment and performance of service, respectively. Proceeds received in advance of product shipment or performance of service are recorded as deferred revenue in the consolidated balance sheets. Shipping and handling costs are included in cost of sales net of amounts invoiced to the customer per the order.   Product shipments, including those for demonstration or evaluation, and service contracts are not recorded as revenues until a valid purchase order or master agreement is received specifying fixed terms and prices. The Company’s method of revenue recognition for certain products requiring installation is in accordance with accounting standards for revenue recognition. Accordingly, revenue is recognized when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred; the vendor’s fee is fixed or determinable; collectibility is reasonably assured and, if applicable, upon acceptance when acceptance criteria with contractual cash holdback are specified. With respect to installation obligations, the larger of the contractual cash holdback or the fair value of the installation service is deferred when the product is shipped and revenue is recognized as a multiple-element arrangement when installation is complete. The Company determines the fair value of installation based upon a number of factors, including hourly service billing rates, estimated installation hours and comparisons of amounts charged by third parties.   The Company recognizes product revenue when legal title has transferred and risk of loss passes to the customer. The Company structures its sales arrangements as FOB shipping point or international equivalent and, accordingly, recognizes revenue upon shipment. In some cases, FOB destination based shipping terms are included in sales arrangements, in which cases revenue is recognized when the products arrive at the customer site.   Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales.   Sales of software are accounted for in accordance with the accounting standards for software revenue recognition. Software revenue is recognized upon shipment, as typically no significant post-delivery obligations remain. Software upgrades are typically sold as part of a service contract with revenue recognized ratably over the term of the service contract.   The Company assists customers in obtaining financing with an independent third-party leasing company with respect to certain product sales. Revenue is generally recognized upon product shipment under these arrangements. The Company receives payment from the leasing company shortly after shipment, provided delivery and credit documentation meets contractual criteria. The customer is obligated to pay the leasing company, but the Company retains some credit risk if the customer is unable to pay. Accordingly, the Company reduces revenue equal to pre-established loss-pool criteria, including contracts with recourse. The Company’s credit risk is significantly reduced through loss-pool limitations and re-marketing rights in the event of a default.   Product Warranty Costs   The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.   The following is a summary of the activity of the Company’s accrued warranty liability for the years ended December 31, 2009, 2008 and 2007 (in thousands):   <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="font-size: 10.0pt; font-family: 'Times New Roman'; border-collapse: separate;"> <tr> <td width="329" valign="bottom" style="width: 197.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;">   </td> <td width="140" valign="bottom" style="width: 83.7pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">          Balance at <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.65pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">Beginning of Period </td> <td width="104" valign="bottom" style="width: 62.55pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.2pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  Accruals for <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 6.2pt; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">   Warranties    </td> <td width="107" valign="bottom" style="width: 63.9pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">     Settlements <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">           Made           </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">    Balance at <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">End of Period </td> </tr> <tr> <td width="329" valign="bottom" style="width: 197.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 5.05pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">Accrued warranty liability: </td> <td width="140" valign="bottom" style="width: 83.7pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="104" valign="bottom" style="width: 62.55pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="107" valign="bottom" style="width: 63.9pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">  </td> </tr> <tr> <td width="329" valign="bottom" style="width: 197.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2009.............................................................. </td> <td width="140" valign="bottom" style="width: 83.7pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$                10,276 </td> <td width="104" valign="bottom" style="width: 62.55pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$           5,725 </td> <td width="107" valign="bottom" style="width: 63.9pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$         (5,892) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$       10,109 </td> </tr> <tr> <td width="329" valign="bottom" style="width: 197.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2008.............................................................. </td> <td width="140" valign="bottom" style="width: 83.7pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$                13,119 </td> <td width="104" valign="bottom" style="width: 62.55pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$           9,644 </td> <td width="107" valign="bottom" style="width: 63.9pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$       (12,487) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$       10,276 </td> </tr> <tr> <td width="329" valign="bottom" style="width: 197.65pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 5.05pt; margin-left: 18.9pt; text-indent: -5.05pt; line-height: 94%; text-autospace: none; white-space: nowrap;">2007.............................................................. </td> <td width="140" valign="bottom" style="width: 83.7pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$                12,619 </td> <td width="104" valign="bottom" style="width: 62.55pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$        19,719 </td> <td width="107" valign="bottom" style="width: 63.9pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$       (19,219) </td> <td width="94" valign="bottom" style="width: 56.25pt; padding: 0in 2.35pt 0in 2.35pt; border-top: 0px;"> <p class="MsoNormal" style="margin: 0in; margin-bottom: 1.0pt; font-size: 12.0pt; font-family: 'Times New Roman'; margin-top: 1.0pt; margin-right: 0in; margin-left: 0in; line-height: 94%; text-autospace: none; white-space: nowrap;">$       13,119 </td> </tr> </table>   Advertising Costs   All advertising costs are expensed as incurred and are included in selling and administrative expenses in the consolidated statements of operations. Advertising expenses for 2009, 2008 and 2007 were $10 million, $9 million and $6 million, respectively.   Research and Development Expenses   Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred.   Stock-Based Compensation   The Company has two stock-based compensation plans, which are described in Note 12, “Stock-Based Compensation”.   Earnings Per Share   In accordance with the earnings per share accounting standard, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding.   Comprehensive Income   The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establishes the accounting rules for reporting and displaying comprehensive income and its components in a full set of general-purpose financial statements. The standard requires that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements.   Recently Adopted Accounting Standards   In June 2009, a new accounting standard was issued that establishes the hierarchy of Generally Accepted Accounting Principles (“GAAP”) that are to be used as the source of authoritative accounting principles recognized by the Financial Accounting Standards Board (“FASB”) for non-governmental entities in preparation of financial statements in conformity with GAAP in the United States. This standard was effective for interim and annual periods ending after September 15, 2009. The adoption of this standard by the Company did not have a material effect on its financial position, results of operations or cash flows.   In August 2009, a new accounting standard was issued for measuring liabilities at fair value. This standard provides clarification that, in circumstances in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using one or more of the following methods: (1) a valuation technique that uses (a) the quoted price of the identical liability when traded as an asset or (b) quoted prices for similar liabilities or similar liabilities when traded as assets; and/or (2) a valuation technique that is consistent with GAAP. This standard also clarifies that when estimating the fair value of a liability, a reporting entity is not required to adjust to include inputs relating to the existence of transfer restrictions on that liability. The adoption of this standard did not have a material effect on the Company’s financial position, results of operations or cash flows.   In April 2009, a new accounting standard was issued to provide greater clarity about the credit and noncredit component of an other-than-temporary impairment event and to more effectively communicate when an other-than-temporary impairment event has occurred. This standard applies to debt securities. This standard was effective for periods ending after June 15, 2009. The adoption of this standard did not have a material effect on the Company’s financial position, results of operations or cash flows.   In April 2009, a new accounting standard was issued to require disclosures about fair value of financial instruments in interim as well as in annual financial statements. This standard was effective for periods ending after June 15, 2009. The adoption of this standard did not have a material effect on the Company’s financial position, results of operations or cash flows.   In the second quarter of 2009, the Company implemented the newly issued subsequent events accounting standard. This standard establishes general standards of accounting for and disclosure of events that occur after the balance sheet date, but before financial statements are issued. The adoption of this standard did not impact the Company’s financial position or results of operations. The Company evaluated all events or transactions that occurred after December 31, 2009 up through February 26, 2010, the date the Company issued these financial statements. During this period, the Company did not have any material recognizable subsequent events which have not been disclosed.    In December 2008, a new accounting standard was issued relating to the employers’ disclosures about postretirement benefit plan assets. This requirement amends the previous accounting standard to provide guidance on employers’ disclosures about plan assets of a defined benefit pension or other postretirement plan. This new standard is effective for financial statements issued for fiscal years ending after December 15, 2009. The provisions of this new standard are not required for earlier periods presented and early adoption is permitted. The adoption of this standard did not have an effect on the Company’s financial position, results of operations or cash flows.   Recently Issued Accounting Standards   In June 2009, a new accounting standard was issued relating to the consolidation of variable interest entities. This statement addresses (1) the effects on certain provisions on existing accounting standards as a result of the elimination of the qualifying special-purpose entity concept and (2) constituent concerns about the application of certain key provisions of existing accounting standards, including those in which the accounting and disclosures under existing accounting standards do not always provide timely and useful information about an enterprise’s involvement in a variable interest entity. This standard is effective for periods beginning after November 15, 2009. The adoption of this standard will not have a material effect on its financial position, results of operations or cash flows.   In October 2009, a new accounting consensus was issued for multiple-deliverable revenue arrangements. This consensus amends existing revenue recognition accounting standards. This consensus provides accounting principles and application guidance on whether multiple deliverables exist, how the arrangement should be separated and the consideration allocated. This guidance eliminates the requirement to establish the fair value of undelivered products and services and instead provides for separate revenue recognition based upon management’s estimate of the selling price for an undelivered item when there is no other means to determine the fair value of that undelivered item.  Previously the existing accounting consensus required that the fair value of the undelivered item be the price of the item either sold in a separate transaction between unrelated third parties or the price charged for each item when the item is sold separately by the vendor. Under the existing accounting consensus, if the fair value of all of the elements in the arrangement was not determinable, then revenue was deferred until all of the items were delivered or fair value was determined. This new approach is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company is in the process of evaluating whether the adoption of this standard will have a material effect on its financial position, results of operations or cash flows.   In October 2009, a new accounting consensus was issued for certain revenue arrangements that include software elements. This consensus amends the existing accounting guidance for revenue arrangements that contain tangible products and software. This consensus requires that tangible products which contain software components and non-software components that function together to deliver the tangible products essential functionality are no longer within the scope of the software revenue guidance. This new approach is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company is in the process of evaluating whether the adoption of this standard will have a material effect on its financial position, results of operations or cash flows.</div></div> 2  Basis of Presentation and Summary of Significant Accounting Policies   Use of Estimates   The preparation of consolidated financial false false Basis of Presentation and Summary of Significant Accounting Policies No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true